Lam Research saw its IBD SmartSelect Composite Rating rise to 96 Wednesday, up from 94 the day before.
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The upgrade means the stock is now outpacing 96% of all other stocks in terms of key performance metrics and technical strength. The market's biggest winners often have a 95 or higher rating in the early stages of a new price run, so that's a good starting point when looking for the best stocks to buy and watch.
Lam Research has now climbed above a proper buy zone after breaking out from an 86.04 buy point in a cup with handle.
The stock sports a 92 EPS Rating, which means its recent quarterly and longer-term annual earnings growth tops 92% of all stocks.
Its Accumulation/Distribution Rating of B shows moderate buying by institutional investors over the last 13 weeks.
The company reported 33% earnings growth for Q3. Revenue growth climbed 24%, up from 16% in the prior report. That marks one quarter of increasing revenue increases.
Lam Research earns the No. 3 rank among its peers in the Electronics-Semiconductor Equipment industry group. KLA is the No. 1-ranked stock within the group.
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